All who have accomplished great things have had a great aim, have fixed their gaze on a goal which was high, one which sometimes seemed impossible....

October 8, 2008

Finally Feeling the Crunch

Josh and I have both been well aware of the Credit Crisis plaguing our country. We watch the news and did our research . We prayed for the families who's lives it was already ruining but always knowing it might start to effect us in some way.

We have been officially told we cannot re-finance. Our credit scores are at a dead stop from the steady hike they were making due to our credit companies lowering our credit limit and messing up our % of credit used. So instead of 30%, we are at 50%+. We exhausted our bank account finishing this house and need at least $5,000.00 to re-finance or to have lived here 1 year. The fact that they won't re-finance us makes little to no sense. We are not asking for a new mortgage. We paid $82,000 and need to refi for $100,000 but the house is worth $145,000. They just keep saying if you would have come to us 2 months ago....If it wasn't for the Credit Crisis....We can't help you right now but try again next month...Looks like we are up sh*t creek. Our monthly bills are going to start exceeding our income soon. The Home Depot card is the reason. We have to pay a % of what we owe each month and next month it's $2,000. If it wasn't for that damn card...It can't even be rolled over into a lower interest card because it isn't actually a credit card so that's not even an option.

Our next move is to sell this house. This home a poured my heart and soul in. The home we love. We always thought of it as a long term investment but we haven't even owned it 6 months. My heart is breaking. Jaxon would have to switch schools mid year. How do I tell that little boy who loves his house and school that he has to move away? How can I sit through closing knowing I just sold the home I loved so much? The what? Do we rent? Do we buy? Do we do another investment? I can't take this anymore. It's not stable enough for us. This was supposed to be it. This was the house we were supposed to stay in and now I have to do it all over again? How do we keep ending up here? If we try and hang on we could lose everything.

I cried myself to sleep last night. I can't think about anything but this but I have to be realistic about how hard life would be for us if we didn't sell and how debt free we would be if we did. I don't want to live in turmoil just to hang on to our home. Seems so simple right? I just can't stop thinking about how happy I am here and about the life we planned to have living in this house. What were we thinking????

I pray for the families who are hurting right now due to this awful mess that's been created. I know how unbearable the pain is to feel so out of be faced with such a hard decision. I know things could be worse and thank god they are not but I wish this on no one.


Jennelle said...

Brea, I'm so sorry! This must be so incredibly difficult. There's nothing I can say to make it better, but know that I am thinking of and praying for you and your family.

Cecilia said...

I am so sorry! We are in a similar situation. We were told we could refi, and now we can't. We will be able to manage, unless of course the economy gets even worse, but only time will tell. I will keep you guys in my thoughts. I can understand how hard this is.

Trisha said...

I see this kind of stuff every day, and it breaks my heart! (I work at a Bankruptcy firm.) I hope it NEVER comes to that for you!!

I'll be thinking of you and your family!

Mary said...

I'm so sorry, Brea. It's such a shame that this is happening to you and your family. I can't imagine having to give up a house that I put so much work into and imagined a future in. I hope that something works out somehow.

Jenn said...

I'm so sorry, Brea. Know that you are in my prayers. If there's anything at all I can do to help, let me know!! Big hugs!!!

Team Boyd said...

Thank You so much for all the support and prayers girls! I can't tell you how much it means to me.

We are meeting with a former co-worker of mine in a few weeks. I hope a miracle arrives before then.

Cecilia - I'm sorry you are going through this too. We both need to keep faith that everything will work out in the end :)